An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Wednesday, April 22, 2020
Zero Hedge — Mitch McConnell Says Struggling States Should File For Bankruptcy
McConnell no idea how his own country's reserves based monetary system works. What on earth is such an ignoramus doing in government? May as well allow chimps to represent you in Congress!
McConnell knows exactly what he's doing. They have been slowly getting rid of the welfare state ever since they took down the USSR. Like George Carlin said, "they're coming for your social security and they're gonna get it, they're gonna get it all." Even if it doesn't cost them, they want us as wageslaves until we die, it's a power thing.
iow AFSCME people all Democrat, Feds give munnie to states states give munnie to AFSCME people AFSCME people give munnie to DNC ... rinse and repeat...
“ fiscal relief to State/Local Governments for lost revenues from COVID 19,”
COVID only... not going to give Democrat governors a big general munnie bailout that then that same munnie can be turned around and used against GOP...
If you short this thing based on some mainstream MMT biased interpretation of MCConnells rhetoric here , and we instead get a substantial fiscal response and then open back up with 0.1% policy rate you might get killed...
You better keep an objective eye on what they are actually doing in USD terms... fiscal just showing its starting to get going... policy rate already at 0.1%... Mnuchin sterilizing a lot of Fed created reserves via the TGA...
McConnell no idea how his own country's reserves based monetary system works. What on earth is such an ignoramus doing in government? May as well allow chimps to represent you in Congress!
ReplyDeleteMcConnell knows exactly what he's doing. They have been slowly getting rid of the welfare state ever since they took down the USSR. Like George Carlin said, "they're coming for your social security and they're gonna get it, they're gonna get it all." Even if it doesn't cost them, they want us as wageslaves until we die, it's a power thing.
ReplyDeleteThat's right. Carlin had it right.
ReplyDeleteDemocrat states: Cali, Illinois, NY big pension fund problems due to ZIRP.... (btw which MMT advocates for)
ReplyDeleteSounds like GOP not going to bail Democrats out of their pension fund messes via the corona virus policy response,...
iow AFSCME people all Democrat, Feds give munnie to states states give munnie to AFSCME people AFSCME people give munnie to DNC ... rinse and repeat...
ReplyDeleteGOP positioning against this
Here’s the trump tweet
ReplyDelete“ fiscal relief to State/Local Governments for lost revenues from COVID 19,”
COVID only... not going to give Democrat governors a big general munnie bailout that then that same munnie can be turned around and used against GOP...
Starve the beast....
If you short this thing based on some mainstream MMT biased interpretation of MCConnells rhetoric here , and we instead get a substantial fiscal response and then open back up with 0.1% policy rate you might get killed...
ReplyDeleteYou better keep an objective eye on what they are actually doing in USD terms... fiscal just showing its starting to get going... policy rate already at 0.1%... Mnuchin sterilizing a lot of Fed created reserves via the TGA...
Chris Hayes@chrislhayes:
ReplyDeleteIt’s all getting geared up! The same old misery machine whirring to life!
-----Jonathan Lemire@JonLemire:
-----WASHINGTON (AP) — Report: Social Security and Medicare facing shaky futures even before impact of virus.